In the Triad area of North Carolina, which includes Winston-Salem, prices are trending downward, and sales are below seasonal volume. Local Realtors say this is the time to buy, as the area has much going for it.

"This town presents easy commutes from outlying areas as well as ease in getting around town," says Realtor Penny Boyles. "The city limits emcompass a large area so you can have a "rural" feel without traveling to outlying areas. Industries in the area are medical, textiles, and technology. Blue Ridge Mountains within one hour, but local state parks within 30 minutes provide camping, hiking, and canoeing. Coastal area is four plus hours away."

However, notes Boyles, local economic conditions have changed with the downsizing of some textiles. "The Wachovia and First Union merger has affected some price ranges," says Boyles. "Wachovia is transferring some new workers into the area. USAir had some layoff earlier in year but no recent major layoffs. Stong medical facilities offering incentives has kept the economy strong."

Says Realtor Kay Hunkins, "In spite of the national economic swings, the Triad area real estate market is chugging right along. Has it been upset lately? Yes, for about the past year or so. How badly? Hardly noticeable - in comparison to the stock market. Have prices adjusted? Yes, but not much overall."

"Newly listed homes are difficult to price correctly - which makes it difficult for buyers to determine correct offers," observes Hunkins. "With recent changes in the nation's economy, it has been increasingly difficult for Realtors to determine what adjustments are necessary in the real estate markets throughout the country. The local Triad market appears to have fared reasonably well during the recent hits and swings.

"Generally, the Triad market runs a 2-3 percent differential between list and sell prices - for the sake of some "good ol' American" negotiating room," she says. "If a house lists for $100,000, generally a straightforward offer of $97,000 or more will buy the house with little resistance from the seller. Realtors try not to overprice a home - to avoid longer and more difficult negotiations between buyer and seller, all to arrive at the same general price conclusion anyway.

But, she says, sellers cannot afford to ignore the obvious.

"Homes are staying on the market longer in general," says Hunkins. "Do they sell? Yes. At what price? That depends. Actually, it appears that conscientious sellers who price their homes realistically, and make necessary repairs are often the first to sell, even if it does take a little longer marketing time on average. Motivated sellers need to understand how to put their home's best foot forward!"

"Buyers are cautious not to pay too much, but they also realize that a sense of fairness is the only real way to support our American dream of homeownership. Paying considerably less than list price for homes in the Triad market is not a trend, despite the uncertainty of the economy in general. Buying a home with a 30-year mortgage is a staggering thought at any time - especially during a roller-coaster stock market and an economy that has difficulty deciding when it is stable. Some homeowners are throwing in the towel. Unfortunately, foreclosures have increased in our local market. However, resales of these foreclosures do not indicate a measurable downslide in market values. Marketing time for the foreclosure is not excessive either. That's a good sign of a healthy market making necessary adjustments to maintain its stability."

"Can you get a nice home? Yes, our local Triad market always has a good variety of nice homes for sale. Can I get a good deal on a home? Yes, because our prices are adjusting to the economy, and sellers are becoming more aware of how important it is to consider all offers."

She advises, "The local Triad real estate market is healthy because of the thousands of qualified Realtors who work with buyers and sellers to monitor the market, and advise necessary adjustments to keep it active. Don't fear buying or selling a home in the Triad area of central North Carolina."

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Published: September 25, 2002

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